Hong Kong: Government Renews Anti-Money Laundering Guidelines
Hong Kong has gazetted an anti-money laundering amendment notice that will allow its financial institutions to continue to delegate customer due diligence (CDD) functions. The Anti-Money Laundering and Counter-Terrorist Financing (Financial
See MoreJapan: Plans for an increase in Consumption Tax from April 2017
The government has confirmed that Japanese consumption tax will rise from 8% to 10% from 1 April 2017. This latest date was announced in the 2015 Tax Plan. The increase in the consumption tax rate was first scheduled for 1 October 2015, but was
See MoreFinland: Uniform Tax Treatment Of Pension Benefits For Foreign Entities And Finnish Pension Institutions
Starting 2015, and subject to certain restrictions, foreign corporate entities comparable to Finnish pension institutions are entitled to a similar deduction. Under the provisions of Business Tax Act, Finnish pension institutions may deduct the
See MoreUS: Issues final regulation TD 9707 to provide guidance on the requirements to file IRS Form 5472
Final regulations TD 9707 provide guidance on the filing requirements for Form 5472 which is the information return for a 25% foreign owned US corporations or a foreign corporation engaged in a US trade or business. Final regulations TD 9707 is
See MoreNigeria: Tax withheld on dividends from gas operations
A decision of a case entitled “Nigeria Agrip Co. Ltd v. Federal Inland Revenue Service (10th December 2014)” has been issued by the Tax Appeal Tribunal and it states that dividends paid by a gas exploration and production company and paid out of
See MoreVenezuela: Increment of Monthly Minimum Salary (MMS)
The Decree 1.431 has released in Official Gazette No. 40.542 on 17th November 2014 to increase the Monthly Minimum Salary (MMS) from VEF 4,251.40 to VEF 4,889.11 and it will be applicable from 1st December 2014. As the taxable base, the increment of
See MoreTaiwan: Proposes Tax Breaks In Return for Wage Hikes
A modification to the Statute for Developing Small- and Medium-Sized Enterprises (SMEs) in Taiwan, which will provide corporate income tax breaks to those businesses raising wages for their lower-level employees, has passed its first committee
See MoreOman calls for forceful implementation of International Financial Reporting Standards (IFRS)
Recently, financial report by Middle East official was setting out principles on the significant developments and key changes to keep up with the standards of International Financial Reporting Standards (IFRS). The importance of capitalizing on the
See MoreChina: Announces accelerated depreciation method for deferring corporate income taxes
The accelerated depreciation methods will be allowed in China to promote technology innovation and economic development. The Executive Meeting of the State Council of China announced on 24 September 2014 that the R&D made on or after 1 January
See MoreRussia: Obligatory notification for dual nationality or foreign residence permits requires
Russia acted out a law that effective from 4 August 2014 requiring Russian citizens to give notice to the Federal Migration Service (FMS) where they have dual nationality, or foreign residence permits. For Russian citizens who already have dual
See MoreVietnam: Guidelines on Corporate tax incentives; VAT on export-support services
Vietnam’s tax authorities issued guidance concerning the tax treatment and the determination of increased income from expansion projects during the period 2009-2013 for income that is not entitled to corporate income tax incentives. The guidance
See MoreCanada: New CRA tax compliance agenda for SMEs
The Canada Revenue Agency (CRA) has taken a new approach for developing tax compliance among small- and medium-sized enterprises (SMEs). This approach is proposed to help for preventing errors in business tax returns after they are filed. In
See MoreCanada: Announcement of mobile app for SMEs
The Canada Revenue Agency (CRA) has announced a mobile application for small- and medium-sized businesses (SMEs) that will let users to make reminders for key tax dates. After consulting with SMEs, the Government has developed the app to reduce red
See MoreRussia: No VAT on foreign IP sales
Intellectual property means the rights or license for copyrights, trademarks and patents to apply. According to the Federal Tax Service, the sales for Intellectual Property (IP) by a foreign company to a Russian company for apply outside of Russia
See MoreUS: No Need to Price Oil Rig Transaction Says IRS
In order to use an oil rig, the drilling service provider does not require the kind of special measure for evaluating rents to its sister subsidiary, contemplated by an international project to combat base erosion, an Internal Revenue Service
See MoreCzech Republic – Pending changes regarding VAT, investment fund managers
In Czech Republic, draft legislative or pending proposals contain: Revise of the income tax law proposes to allow for the waiver of penalties and interest Proposal of requiring a “review statement” listing information on taxable supplies
See MoreTaiwan: Ministry of Finance improved business tax for banks, insurance companies
Taiwan’s Government has increased business tax for banking and insurance industries from 2% to 5%, which will be effective on 1 July 2014. Nevertheless, a 2% rate may remain to apply for banks and insurance companies that involve in the essential
See MoreVietnam: Issues new Circular on Corporate Income Tax
The Ministry of Finance published Circular No. 78/2014/T-BTC (Circular No. 78) on 18 June 2014, which provides additional execution guidance in respect of Decree No. 218/2013/ND-CP (Decree No. 218) which was issued on 26 December 2013. Decree 218,
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